PRINCETON, N.J., May 22, 2018 (Newswire.com) - AST, the leading provider of proactive patent risk mitigation solutions, today announced the upcoming launch of IP3 2018 (Industry Patent Purchase Program), a fixed price, fixed term, collaborative patent buying program. This year’s program will provide patent owners access to an expanded pool of buyers that will include AST’s full Membership as well as additional participating technology companies. AST’s current Members span multiple industries, such as information technology, software, semiconductors, communications, automotive, health tech, and social media and include prominent companies such as Ford, Google, Honda, IBM, Microsoft, Oracle, Philips, SAP, Sony and Uber.
IP3 2018 will focus on soliciting patents from the following technology areas:
- Artificial Intelligence / Machine Learning
- Augmented Reality / Virtual Reality
- Automotive / Transportation Services
- Internet of Things / Connected Devices
- Smart Home
- Software / Web Services
AST launched IP3 in 2016, a first of its kind industry program, to give sellers an easy way to access the secondary market through a streamlined process using a fixed price, rapid response model. Based on the success of the 2016 and 2017 installments, AST decided in late 2017 to do a 2018 iteration of IP3 with some updated changes. Because of the enthusiasm for the popular program from across the patent marketplace, whereas IP3 2017 was only open to AST Membership, AST is opening IP3 2018 to participation from non-Member companies with the payment of a fixed management fee to cover costs based on the size of the participant.
“The continued success of our IP3 programs has proven that both patent sellers and buyers, which include dozens of the top companies in the world, want the opportunity to participate in collaborative, short duration, streamlined buying programs,” said Russell W. Binns, Jr., CEO of AST. “IP3 presents patent owners with an efficient and hassle-free way to sell their patents quickly. And now, based on market demand following our successful IP3 2017 program, we are excited to expand our buyer pool for IP3 2018 by inviting operating companies outside of AST’s Membership to participate in the Program, and collaborate alongside AST Members.”
“We have found the fixed price concept to be very beneficial to both buyers and sellers,” said Kurt Brasch, Patent Transactions Lead at Uber. “The process is extremely efficient, and the transaction cycle time is dramatically reduced. That is why Uber has participated in both previous iterations of IP3 and we are excited about the 2018 version.”
Binns added: “As we did in 2017, IP3 2018 will focus on patent submissions from a discrete though slightly broader number of technology areas. We have also shortened the submission window to better accommodate the sellers’ exclusivity time periods. Because of these key adjustments to the program, we are looking forward to a larger program than last year with more patents and more buyers participating in a focused and efficient selection process for patent acquisitions.”
How to Submit Patents for Sale
Patent sellers and brokers are welcome to submit their patents for sale at a price they set via the AST IP3 portal: www.ast.com/IP3 from July 9 through July 20, 2018. AST will consider submissions in the specific technology areas outlined above for this installment of IP3, and submissions outside of these areas will be routed to AST’s Standard Purchase Model. Sellers need only identify the patent family and price at which they are willing to transact. Each submission should contain only related assets, and a preference will be made for single-family submissions or related families.
At the end of the submission period, AST, its Members and additional participating operating companies will review all the submissions and let the submitters know whether there is interest in a purchase by Oct. 2, 2018, if not sooner. AST will also let submitters know whether there is no interest in a purchase through IP3 as soon as possible, and no later than Oct. 2, 2018. Once AST contacts sellers about purchasing their patents, there will be additional diligence which will enable transaction closure in short order. It is anticipated that all transactions and payments will be completed by the end of 2018.
More detailed information about IP3 2018 can be found on ast.com/IP3 including a link to the submission form (which will go live on July 9, 2018), the applicable patent purchase agreement, and other important details. There are also terms and conditions that you should make sure you fully understand before participating. Participating sellers are encouraged to consult with an attorney prior to their submission. Throughout this process, AST reserves the right not to transact for any reason.
AST is the leading provider of proactive patent mitigation solutions. We offer a highly efficient, cost-effective and proven method of mitigating the risk of patent assertions and litigation avoidance by enabling our Members to collectively purchase assets available on the secondary market. Because we are an independent, not-for-profit cooperative, we provide a trusted and fully transparent way for Members to analyze patent purchase opportunities including triage, evaluation and acquisition services. AST’s Members include top global companies from a wide range of industries including Ford, Google, Honda, IBM, Microsoft, Oracle, Philips, SAP, Sony, Uber and Verizon. For more information on AST please visit http://www.ast.com.